China Passes U.S. in Global Market Share

China overtook the U.S. last year to become the world’s largest construction market, according to a March 3 report that forecasts market trends to 2020. However, the report suggests that, in the coming decade, the U.S. will be almost alone among developed nations in achieving significant expansion, with an expected annual construction growth exceeding 6%, which will still lag behind the predicted construction growth of emerging economies.

China grew its global share to 15%, which was 1% ahead of the U.S., as a result of an increased volume of work, rising prices and currency exchange fluctuations, says Graham Robinson, director of London-based Global Construction Perspectives Ltd., which produced the forecast, along with Oxford, England-based consultant Oxford Economics and the London office of PricewaterhouseCoopers.

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